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Posts Tagged ‘entrepreneur’

Staying the Course to Deliver on Social Intelligence Vision

Posted in Uncategorized, tagged , , on March 9, 2013 | Leave a Comment »

By 1997, ARIS had about 1,000 employees in the US and the UK and generated more than $100 million in revenues. ARIS was a high tech consulting and training company publically traded on the NASDAQ. Leading and managing a services company is much more difficult per revenue and headcount than a non-services company. I remember working very, very hard.

At ARIS, I played various executive roles as the company grew from a basement of a house to an international public company in seven years. The whole experience was tremendous as our young executive team learned so much basically drinking out of a fire hose of growth.

By 1999, I had decided to leave for a chance at a dot com dream. I had missed the startup environment and was not having much fun helping to run such a large company with the obligations of being public. Since then, I’ve stayed in the startup arena leveraging my experience of building companies to various early-stage liquidity events.

This April my earn-out for the sale of Intrepid expires. However, I don’t believe that my work is finished yet. The social intelligence space is very dynamic and poised for another inflection point of rapid growth. We have an exciting value proposition and some new releases coming up that will help define where this industry will go in terms of delivering actionable and predictive insights from social data.

There have been five ventures since those ARIS days for me. Now at SDL, I’m rediscovering some of that drive to make impact at a larger level. Right now, this is the right company with the right CEO and executive board to keep me focused and excited about what we are doing together.

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Unfinished Business is Just Ugly

Posted in business, management, tagged on December 3, 2011 | Leave a Comment »

A stalled, incomplete architectural structure is a true eye sore in my opinion. These unfinished buildings connote poor planning — of failure. In today’s difficult environment, we’re seeing a bit more of this.
In a way, this is also how I see company building. We live in an era where most of our jobs are basically a sequence of projects. I believe we naturally are turned off by things that are not complete. Unfinished buildings (projects) have a lot of negative nuances to us all.
Therefore, as I’ve developed ideas as an entrepreneur or a business vision as an executive of a public company, I stay focused on completing critical path projects. I’ve seen plenty of really good ideas stall because of poor planning and execution, ending up as the burnt of inside jokes. No one looks back at an unfinished project with fondness. It’s always what could have or should have been. Execution means being able to finish.
This means aligning the available resources appropriately, setting proper expectations, properly communicating the priorities, and remembering how unsightly an unfinished building is as time passes.

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5 Simple Advice For Entrepreneurs

Posted in business, entrepreneur, tagged on May 7, 2011 | Leave a Comment »

All around me, there are people who are taking the leap into entrepreneurship. I think it is an exciting time when startups are hot again.

As a person who was fortunate enough to be involved in six different startups as a minority founder to sole founder, I get excited every time I hear about a friend launching a new venture. Many times, I’m asked for advice. Unfortunately, I have nothing to novel to say.

All I have to offer are these simple things:

  1. Make sure that the purpose of the new venture represents something you are passionate about, not just to make money
  2. No matter the business plan, focus on cash flow, cash flow, and more cash flow. If you’re building something from scratch, at least double or triple your projection for cash flow.
  3. You will inevitably second-guess, regret your decision to start your own venture at some point. It has happened to me each and every time. At such times, focus back your passions.
  4. Be flexible. As your business plan rolls out, be attentive for subtle market reactions and be prepared adjust course accordingly.
  5. Remember, it’s about the people, your team. Treat them well and fairly, and they will make things happen for you.

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Entrepreneur’s Job is Putting Together the Right Team

Posted in business, entrepreneur, management, tagged , , , on December 16, 2009 | 4 Comments »

As an entrepreneur of a startup company, I imagine myself as a general manager of a professional baseball team. My main job is putting together the RIGHT team.

Many think an entrepreneur’s first task is to come up with a killer concept. Yet, it’s been said many times that  ”ideas” can be a dime a dozen, but execution is where most fail. Who executes? The team. As Jim Collins points out in his book, “Good to Great”, first the Who? then the What?

Maybe it’s also because I’m not a technical whiz kid, or a genius financial mind that I keep stressing the team. Or, I’d like to think it could be that I’ve been involved with six startups and figured out what helps in success.

So, as I’m admiring the work of Seattle Mariners’ GM Jack Zduriencik this off season in putting together a more competitive professional baseball team, I’m reminded about my primary job of finding the right people for the the right jobs in my company. Like a baseball team, a startup environment requires everyone to be cohesive and supportive of one another.

Sometimes an entrepreneur needs to take risks on inexperienced people, or on an experienced person who has never been in a startup environment. You build such a team with an unwavering core philosophy about the type of team you want.  And when the team members need guidance, you coach them; when they prove themselves, you give them control. You always keep scalability and performance in mind.

In the end, it’s my job to look at ways to improve my team continuously based upon our performance against the competitive environment out there. If this means possibly bringing in more capital or merging with a complementary team or hiring faster, I will do so, always making sure that each new player within the company are complementary with one another. It’s my responsibility to ensure that the sum of the parts really make a much more compelling whole.

The character and performance of the team will ultimately be my scorecard as the founder of Lift9.

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Simple Risk-Aversion Test to See if You can Make it as an Entrepreneur

Posted in business, entrepreneur, tagged , , , , , on November 20, 2009 | 6 Comments »

Often I meet people who tell me about their dreams to start their own business. They don’t want to work for the man all their lives. They ask me what it takes to start your own business.

It’s a difficult question to answer because there are so many elements to being an entrepreneur. First, you need to be passionate about something. It has to be in your core. For many immigrants, they are passionate about their children and providing an opportunity for the next generation that they themselves never had. That drives many to amazing accomplishments. For others, the passion is about green energy, mobile technology, global health issues, and so forth.

Entrepreneurs also need a good support network of family and friends because owning your own business is not easy. It’s extremely time-consuming and emotionally draining.

Another very important component is the right personality. An entrepreneur cannot be risk-averse. In the type of businesses I’ve been involved with, I hire many very bright individuals with great business ideas. Some of them want to start their own businesses, and I know they have the intelligence and skills to be successful entrepreneurs. Yet, they lack the personality to actually be entrepreneurs. They are too risk-averse. And that’s fine because they can have fulfilling and financially rewarding careers within the corporate environment.

One time, a friend who is successfully climbing up the partner latter of a prestiguous consultancy asked me about entrepreneurship. I could tell he was thinking about possibly doing something on his own. Then, one night while driving together he started to panic because the gas gauge needle had just started touching the red empty mark. I laughed, and told him that making partner at his firm is a fantastic goal for him.

Since then, I’ve used that example with others who ask me about entrepreneurship. And a few have smiled and admitted they would panic as well. Entrepreneurship is not for everyone. Unfortunately many find out after an unsuccessful venture. Just do the “am I comfortable running on empty test” first.

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Get in the Zone, And Stay There

Posted in business, entrepreneur, tagged , , , on July 25, 2009 | 1 Comment »

Have you ever been in a zone?

Athletes talk about it all the time, when everything slows down, their confidence peaks, and they are in complete control. I’ve actually experienced this a few times playing basketball when I just knew that I could get a step on an opponent, shoot, and know that the ball would go in the basket. It is an unmistakable  feeling.

You can be in a zone in other aspects of our lives as well. The experience is about being so focused on accomplishing a certain goal that one builds a comfort level around all related tasks to the point  where they become effortless. As confidence builds, everything just falls into place.  It’s as if you are willing the cosmic energies around you to jump onto your momentum. Now, you are in a zone. Time is irrelevant, and you feel that you are doing exactly what you were born to do.

We’ve all  seen people in a zone as entertainers, as writers, as social networkers, as cannery workers, as negotiators, as computer programmers, among many, many other ways. Being in a zone is a very rewarding experience.

I’ve felt in a zone in business as well, when ideas and the critical paths to success become amazingly clear. Crystal clear. Nothing is forced. Positive results are expected, and your confidence extremely high.

Whether in sport, business or life, however, the zone seems to gradually dissipates over time. The end usually comes when one starts to doubt, when the confidence begins to leak. We as humans usually cannot expect good fortune to be indefinite. We feel guilty if such good fortunate lasts longer than anticipated.

So, do we fall out of our zones because we cannot accept success for an extended period of time? Can we get into our zones and maintain that groove with the right mental attitude? One thing for sure is that no one has reached a zone by being timid, hesitant and doubtful.

I believe that to some extent the right attitude helps keep us in a zone. Currently, I feel like I’m in a bit of a zone with the start of Lift9. Things seem to be falling into place rather quickly. My focus is to maintain that momentum and don’t let doubt or second guessing slow it down. I want to be thorough and pragmatic, but clearly focused on my critical paths to success. I will not lose that mental clarity.

I encourage you to create your zone around your passion, and sustain it with the right attitude.

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Maneuvering Through Opportunities & Traffic in Vietnam

Posted in business, entrepreneur, tagged , , , , , on July 16, 2009 | 3 Comments »

Ho Chi Minh City traffic

Ho Chi Minh City traffic

I hold on tightly behind my brother as he deftly maneuvers his scooter through the seemingly chaotic traffic of Ho Chi Minh City.

At first, watching hordes of cars and scooters sharing the streets and avoiding each other without apparent defined rules can be both astonishing and terrifying. But from the back seat of Paul’s scooter, I soon begin to understand certain rules and reasoning behind the commuters’ actions. The traffic, as it turns out, moves along rather well, despite the congestion of the city.

Doing business in Vietnam works in similar ways. The rules and expectations are different than in the US. People seem to be coming at you from all directions, but then a pattern starts to develop.

Vietnam is a developing country. Its people have a relatively high education level.  The country also has a disproportionally high number of young people under the age of 30 compared to developed countries. The government is very stable. Compared to its Southeast Asian neighbors, I’ve also noticed that the Vietnamese culture has more elements of the Chinese work ethic like those in the Far East countries.

In addition, Vietnam is a handsome country, with a long, beautiful coastline. Vietnamese food is fabulous, gaining popularity throughout the world. With a population of around 82 million, Vietnam could someday become an economic pillar in Southeast Asia.

For now, though, Vietnam remains a developing economy, and the labor extremely cheap. Get a haircut, and you can have one person cutting your hair, while two others will manicure your finger nails. I played golf, and frustrated with a bunker shot, I raked my own mess. My caddy (and you have to have a caddy) thanked me profusely, embarrassed that she didn’t move fast enough to take the rake away from me. People are everywhere to serve you. It can be humbling, yet charming.

For the right type of business idea, Vietnam represents tremendous opportunities. Some entrepreneurs have already built technical development teams here to service the West’s appetite for off-shoring those components. International marketing and research firms have established operations here to help foreign brands move into the Vietnamese market. To support new innovations, venture funds are now being established here with both foreign and local money.

Nonetheless, many more foreign ventures will fail here than succeed. It is not easy to manuever through the local business and cultural environment. The risk remains extremely high. Like Paul steering us through the traffic, any company that has a fighting chance of success here needs the guidance and support of someone(s) who already understands the business climate and culture in Vietnam.

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Live Your Passion, Integrate Your Life

Posted in entrepreneur, lifehacks, tagged , , on July 7, 2009 | 2 Comments »

Last visit to Vietnam, was on the beaches watching local fishermen

Last visit to Vietnam, enjoyed beaches & watching local fishermen

For me, work and personal life mostly overlap.

I don’t work 9 to 5. Sometimes, I’m golfing in the morning and working at night. Other times, I’m at happy hour with colleagues by 4 pm, then head home to answer work emails. I’m not so atypical, as many people enjoy the same flexible work environment.

My industry of high-tech and marketing attracts many young, urban types. So, I’ve had some of my most fun moments socializing after hours with my co-workers. Oh, the stories we can tell.

Some people like to separate their social friends from their work friends. For me, I want to form social relationships with people in my company because it makes working with them more enjoyable.

Given how much effort and time I spend at my livelihood, I want to make sure I am passionate about my job.  Life is really too short to settle for anything less. And if you are passionate about your work, how can you not let it be a part of your personal life as well? Important components of your life should be integrated. We should be living one life.

So, whether I’m being very competitive playing PES on Xbox in the office or excited to be working on a pivot table at home prior to going to bed, I’m living my passions.

I guess I’m lucky as a serial entrepreneur that I have had the opportunity to structure my jobs. When starting Lift9, I asked myself what are things that get me really excited? Certainly, the field of marketing, and more specifically the area of social media data, really, really excite me. However, having lived in four different countries, I also wanted to start a company with an international twist.

Now, I’m very excited to be traveling to Asia this weekend as part of my job. When I’m there, my life will become more fulfilling whether I’m working or not. Live your passion.

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Valuing A Start-Up Company

Posted in business, entrepreneur, tagged , , , , on June 24, 2009 | 2 Comments »

How does one value a start-up company?

Some do it from comps (comparable companies) and then discount for the many risks as a start-up. Some look at projected financials or maybe market share. Some calculate the amount of unpaid labor that may be required by founders and try to value the company that way. Some try a combination of all the above, or some other way.

Let’s face it, there is no proven, scientific way to value a start-up company. If you are starting a new company and need seed money, you can come up with all sorts of justifications for a valuation. In the end, however, the value is whatever point that  investors are willing to give you money.

For start-ups, many of the investors are family and friends so it’s usually what the entrepreneur claims the value to be. Otherwise, investors will invest in the person — the entrepreneur. A great business plan can be never be successful if inappropriately executed by a mediocre team. An experienced entrepreneur can polish a mediocre plan into a good one, and actually execute upon it.

So, in the end, the value of a start-up is the experience and capability of the entrepreneur and his/her team.

I’ve been humbled by the interest in my new venture. Fortunately, or unfortunately, the business plan doesn’t require much cash.

My focus in talking with interested investors have been to be completely honest about the potential risks — and there are many for all start-ups. I also have been clear that the valuation is subjective and solely based upon my  experience. Some advisers insinuated that maybe I was not being aggressive enough given the amount of interest. Well, another lesson I’ve learned from previous ventures is that “greed” can surely set you up for failure.

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Picking the Right Team for Your Startup

Posted in business, entrepreneur, tagged , , , , on June 22, 2009 | Leave a Comment »

teamwork

Teamwork is vital for start-up companies

When starting a new venture, everything begins with picking the right team. That is something heavily on my mind right now as I am about to launch a new company.

In “Good to Great”, the book clearly found empirical evidence showing that the team is more important than the vision or idea. The reasoning is that a great team working together will fine tune the idea into a winning vision.

I could not agree more. I’ve learned a lot about putting teams together,  having been involved in five previous startups. First, the entrepreneur must understand his or her own strengths and weaknesses. It sounds easy but experience has taught me that honest self-evaluation is not always a strength of entrepreneurs.

Once the leader’s skills are honestly assessed, the team members should augment and complement those attributes. Imagine a basketball team of just centers. Well, I’ve seen a start-up team of just programmers without any business or management experience.

I certainly want teammembers smarter than me, especially in areas of my weakness. In general, having smart people around is obviously a good thing regardless. However, chemistry is more important than individual intelligence or capabilities. An aligned, supportive team will always outperform a superstar who is not willing to work with others.

So, you think you have an amazing business idea and plan? I will guarantee one thing. Your plan will change and evolve as you test it in the market. However, the people  you pick on your team will most likely be the same core people taking you through the execution of the plan.

Here are some questions to ask when assembling the team:

  • Honest evaluation of each person’s skills, not just in areas of their professional domain expertise, but in people, management and sales skills.
  • Is each person a team player? Do they provide positive energy or drain energy from the group?
  • How would each person react to stressful situations?
  • Are the individual value systems aligned?
  • Are your expectations aligned with each teammembers’ expectations? Double check.
  • If you have doubt, don’t include that person. Don’t talk yourself into it.

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